跨国并购中企业产权交易与重构新论

The Transaction and Reconstruction of Property Rights in International M & A: A New Interpretation

跨国并购过程是企业直接价值产权、直接物质产权、个体间接物质产权、国家间接价值产权的交易过程,是企业构造新产权结构的过程,是企业资产的重组过程。产权重构引起企业治理结构更新是跨国并购的核心内容,而资产重组在本质上是企业价值资产、人力资产、环境资产的重组,而实物资产的变化仅是企业资产重组的表面现象。

International M＆ A refers to the transaction of the direct value property rights, direct tangible property rights, indirect personal tangible property rights and the state＇s indirect value property rights of an enterprise. It is a process of reconstructing the new property rights for an enterprise and a process of reorganizing the assets. The reconstruction of the management structure through the reconstruction of property rights is the core of international M＆A. The reorganization of the assets is in essence a reorganization of the value, manpower and environment assets of the enterprise. The changes in tangible assets are only the superficial phenomenon of the reorganization of the assets of the enterprise.